The conservative newspaper Magyar Nemzet fears that the IMF will in future take over the business of government in Hungary. "The fate of the country will from now on be guided by the International Monetary Fund. The government [of Prime Minister Ferenc] Gyurcsány will continue to rule as a puppet government. ... Our real prime minister will be called Dominique Strauss-Kahn, who recently almost lost his job as IMF chief because of a love affair. But the affair might even prove to be advantageous to us, for the IMF president is sure to have found out something about Hungary from his lover, who is of Hungarian extraction. ... [Nevertheless] our worst nightmares are ... now becoming reality. At any rate, we have lost the economic independence of which opposition leader Viktor Orbán recently spoke. And if we are told in future that because of IMF aid we have to keep tightening our belts, let us console ourselves with the curious fact that Hungary is the only colony of the International Monetary Fund within the EU." (29/10/2008)

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More from the press review on the subject » Fiscal Policy, » Hungary, » Global
All available articles from » Tamás Nánási

Hungary is making massive cuts in its social expenditure in a bid to get a loan from the IMF. The daily Der Standard expresses surprise at this unconventional approach to beating the financial crisis: "While governments all over the world are tying up major rescue packages Hungary has gone in the opposite direction. A package of cuts has already been presented - less state, the motto runs. The high public debt is seen as the root of all evil. The problem with this is that only the economists are having any say in the matter. ... The question of whether it is socially just has barely been mentioned. Who wants to block an IMF loan in a crisis? In Hungary, as elsewhere, what appeared impossible before the crisis can now be implemented within a matter of days and virtually without political discussion. This development deserves at least as much attention as the financial crisis itself." (29/10/2008)

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More from the press review on the subject » Fiscal Policy, » Hungary
All available articles from » Andras Szigetvari

After intervening in the financial crisis the EU is now faced with dealing with a crisis of confidence in the economies of some of its smaller member states, the liberal daily The Independent writes: "Hungary could be the first of several nations to face such a crisis. Romanian bonds have been downgraded and the Baltic nations are looking vulnerable.The IMF will take the lead in devising the terms of any rescue packages, but the EU will have a big role to play too. A boost in fiscal transfers through development budgets and an easing of its budget deficit rules are likely to be necessary. An interest rate cut by the European Central Bank should obviously be considered as well. The central challenge, in the immediate term, is to stop member states going to the wall. But in the longer term, the EU needs to demand that members rebalance their economies and become less reliant on debt to finance growth." (29/10/2008)

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More from the press review on the subject » Economic Policy, » Hungary, » Europe

The German daily Süddeutsche Zeitung fears that the financial crisis could put the young democracies in Eastern Europe at risk. "Pessimists are already talking of the need to ward off the threat of national bankruptcy in Ukraine and Hungary. ... Since the fall of the [Berlin] Wall and the EU's eastwards expansion Central Eastern Europe's progress has been seen as a success story. ... For low lending rates, high rates of investment and improving living standards have led to a boom in the region that practically happened of its own accord. But now it turns out that at least in some states this success was built on sand - a life lived on bad loans. There is a dearth of reforms, of strong central banks and efficient bureaucracies. The voters in many young democracies are already disillusioned. If the necessary cuts and policy of austerity are now foisted upon them this could generate a very different kind of boom: that of populists and anti-Europeans." (29/10/2008)

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More from the press review on the subject » EU enlargement, » Fiscal Policy, » Economic Policy, » Hungary, » Ukraine, » Eastern Europe
All available articles from » Cathrin Kahlweit

Following a meeting of EU fisheries ministers in Luxembourg the daily Diário de Notícias writes that setting fishing quotas is a step in the right direction as regards the responsible use of resources: "The Earth's resources are not inexhaustible. Therefore people must learn to use fewer resources and better distribute those that are available. The challenge society now faces is to substitute its consumerist frenzy for a simpler lifestyle and adopt a more aware attitude towards the environment the generations to come will inherit. People are still not completely conscious of the urgent need for this change. But as far as the seas and the oceans are concerned we are on the right track. Setting fishing quotas at an international level has already prevented the extinction of a number of species, adjusted consumption to the available resources and made people aware of the fact that the relationship between mankind and his environment requires more intelligent management." (29/10/2008)

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More from the press review on the subject » Environmental Policy, » Europe, » Global

Croatia has been hit by a wave of assassinations. The latest victim was the publisher of Nacional magazine Ivo Pukanić. In an opinion piece for the Slovenian daily, Delo Davor Gjenero, an independent Croatian political expert, expresses concern that the murders could have a negative impact on Croatia's bid for EU membership. "If Croatian Prime Minister Ivo Sander manages to convince the people that he and his new justice minister can guarantee security he will emerge victorious from this crisis. Croatia will have the opportunity to complete its talks with the EU within the agreed time limit. ... But if fear prevails, or in other words if the image that the media are now showing of Croatia continues to dominate, the desire for an ordered state and its integration into the EU will remain an impossible dream. ... To curtail Croatia's European ambitions would undoubtedly result in defeat for the advocates of a 'normalisation' of the Croatian state and in a victory for those who have triggered this spiral of violence to protect their own interests." (29/10/2008)

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More from the press review on the subject » EU enlargement, » Domestic Policy, » Croatia
All available articles from » Davor Gjenero

At the annual meeting of the Nordic Council the prime ministers of Norway, Sweden, Denmark and Finland approved financial assistance for their Icelandic counterpart to cope with the crisis in the financial markets that has rocked this country. The daily Turun Sanomat believes that Nordic politics and cooperation could be more effective if implemented under the auspices of the EU and the euro. "It will take more than assistance from its neighbours and the emergency loan from the International Monetary Fund [IMF] to get Iceland back on its feet. ... The financial crisis has changed the Icelanders' attitude to the European Union and the common currency, the euro. If the international financial turbulence continues or even accelerates, Sweden will also start to see the euro in a more positive light. ... The economic crisis requires more concrete and stronger forms of cooperation from the Nordic states. This cooperation would achieve the best outcome if it were part of the policies of the European Union. ... The Nordic Council is perhaps even a relic of the past, although discussing common values continues to be important." (29/10/2008)

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More from the press review on the subject » International Relations, » Fiscal Policy, » Economic Policy, » Northern Europe

Given its rigid immigration policies and its racist tendencies Italy does not belong in the EU, according to the Moroccan-born columnist in the daily De Volkskrant: "A country in which the governing parties openly flirt with fascism and a Mussolini calendar can be purchased at every street corner does not fit in with Europe's image of itself as a civilised, developed, progressive place - the image of which it is so proud. ... And yet Italy receives little international criticism. ... The hypocrisy with which the EU tries to impose its values while pointing a finger at a country like Turkey, even though it has a rotten apple like Italy in its midst, robs the EU of credibility. It is a paradox that Italy, one of the founding members of the EU, is coming more and more to resemble a banana republic and this should lead either to Europe's values and norms or to Italy's membership being reconsidered." (29/10/2008)

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More from the press review on the subject » EU enlargement, » Italy, » Europe
All available articles from » Sabra Dahhan

In the business newspaper Les Echos Elisabeth Laville, founder of the French consultancy Utopies, and its general manager Stanislas Dupré discuss corporate social and environmental responsibility in times of global economic crisis: "In the past few years the social and environmental responsibility of companies has grown. In view of the looming recession many are wondering what will happen on this front: will companies choose to simply ignore this responsibility or will they make it even more of a priority in their company strategy? In a context in which cost control is a top priority it is very tempting to lower one's ambitions in this area ... Firstly companies need traceability. In the near future investors and savers will need to know what activities their money is financing, what social or environmental risks these activities entail ... Secondly there needs to be certainty that the most important social and environmental risks are indeed being managed to avoid an unexpected boomerang effect ... The actors face a daunting task: they must build up a balanced relationship with their customers, gain their trust by offering added value and finance the economy of tomorrow (renewable energies, green technologies, ecological living spaces), which will put heavy demands on them in the short term." (29/10/2008)

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More from the press review on the subject » Environmental Policy, » Corporations, » Global
All available articles from » Elisabeth Laville, » Stanislas Dupré

In the Greek daily Elefterotipia linguistics specialist Fanos Kakouriotis calls on the Left to defend the victims of capitalist greed and adopt a defiant stance in the system ruled by Greece's two ruling parties, the conservative Nea Demokratia and the socialist PASOK. "The Left could reactivate the Demos, or municipality [modern Greek: Dimos; ancient Greek: Demos] ... as a political organ that intervenes in the interest of citizens. But before the municipalities are entrusted with this task we must ensure that the Greek voter is not taken aback to see more than two parties calling the shots. This two-party system ... has been the visible cause of mismanagement in several political scandals. No one expects ... magic solutions from the Left. ... But one could hope [the Left] would offer a more honest and efficient approach to the economic crisis than we are used to seeing with the current ruling parties." (27/10/2008)

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More from the press review on the subject » Domestic Policy, » Economic Policy, » Greece, » Global

After the takeover by Porsche the German car manufacturer VW (Volkswagen) is currently the most expensive company in the world. The left-wing Tageszeitung comments on the skewed relationship between the ailing car industry and VW's share price: "These extremely contradictory pieces of news show the extent to which the stock exchange has become decoupled from the real economy. While it has been clear since before the Internet bubble that the value of shares on the stock exchange often has little to do with the actual value of the company in question, the relationship has never been as wildly disproportionate as it currently is with VW. ... Calls for restrictions to be placed on hedge funds, for a ban on speculative short selling and for more transparency in the financial markets thus take on an entirely new significance. Without such changes the stock exchange will not only remain a casino but one in which the same rules do not apply to all players." (29/10/2008)

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More from the press review on the subject » Financial Markets, » Germany, » Global

Following the call of German Finance Minister Peer Steinbrück to include Switzerland on the black list of tax havens, the EU's ambassador to Switzerland Michael Reiterer had to mediate. The daily Corriere del Ticino believes that Switzerland does not belong on the list: "The words of EU ambassador Reiterer conceal his intention to use the worldwide financial crisis to renegotiate the tax agreement due to come into force in 2012. In the past bank deposits of EU citizens were taxed at 15 percent, since 1 July 2008 at 20 percent, and this rate is set to rise to 35 percent by 1 July 2011. For Switzerland this regulation continues to have advantages, because it maintains banking secrecy. But how will its allies, Austria, Luxembourg and Belgium, react to this taxation pressure? Belgium was missing from those defending [Switzerland] against the German attack, but in view of the 35 percent it may change sides. If the front of solidarity crumbles, it will become difficult to defend banking secrecy." (28/10/2008)

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More from the press review on the subject » International Relations, » Fiscal Policy, » Tax Policy, » Switzerland, » Europe
All available articles from » Moreno Bernasconi

Yesterday was the 90th anniversary of the founding of Czechoslovakia. This prompts the liberal-left daily Pravda to examine current relations between the Czechs and the Slovaks: "The people of  Slovakia have always shown great interest in Czech films, literature and music. Even the younger generation has no problems understanding Czech texts. Around ten percent of Slovaks watch Czech TV on a regular basis ... Thousands of young Slovaks study at Czech universities and around 100,000 Slovaks work in the Czech Republic. This all has to do with the economic and cultural lead our neighbours have over us. The experts say it will take Slovakia 20 to 30 years to catch up with the Czechs in economic terms. In the area of culture we don't have this problem. The two cultures enrich one another. And even though the joint state of Czechs and Slovaks no longer exists - the cultural and economic ties have survived and will stand the test of time. These are two peoples who do not need the services of an interpreter to understand each other."   (29/10/2008)

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More from the press review on the subject » EU enlargement, » Public Culture, » Czech Republic, » Slovakia
All available articles from » Márius Kopcsay

The Polish daily Polska criticises the way Polish film directors are treating historic subjects like the Warsaw uprising. "The recipe is simple: We just take a piece of history, remove the superfluous pathos and moralistic didactic index finger which sends younger audiences to sleep, and make a film. This is 27-year-old film director Jan Komasa's approach to national martyrdom. He will soon begin shooting a feature film about the Warsaw uprising. ... Since Andrzej Wajdas "Katyń" was nominated for an Oscar, historic films have become all the rage with producers, and the film-makers are thinking up appealing scripts. ... Komasa believes that young people today no longer talk about patriotism. Rather they act according to the principle: girls like heroes, so I'm one as well." (29/10/2008)

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More from the press review on the subject » Film, » Poland
All available articles from » Magdalena Łukaszewicz-Rigamonti

There are plans afoot to broadcast a daily information campaign about the activities of President Nicolas Sarkozy on French public television. The idea comes from government communications advisor Thierry Saussez. The daily Corriere della Sera points to the thin dividing line between information and propaganda. "According to Saussez there is no propaganda intention behind [this campaign]. ... This is not a case of a secret broadcaster serving [the interests of ] political power, but rather an information service. The journalists' union is protesting because a broadcast of this kind indirectly implies that journalists are incapable of fulfilling their assignment to provide information. Public radio and television are in any case already a highly sensitive subject in the political debate, ever since Sarkozy decided to drastically reduce advertising in order to stress informative character of public broadcasters." (29/10/2008)

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More from the press review on the subject » Audiovisual Media, » Media policy, » France
All available articles from » Massimo Nava